Public Finances: Borrowing Costs
Debate between Darren Jones and Nick Timothy(6 days, 14 hours ago)
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Darren Jones
Yes, I can. There is no denying that the economic inheritance that we were given by the Conservative party makes life very difficult for us: it means that we have to take difficult decisions. The fiscal rules are non-negotiable and public services have to live within their means because that is that the bedrock of any approach in government. Is that going to be easy for us? No, it is not, but it is part of our responsibility in clearing up the mess left by the Conservatives, and from that we can build for the future, as is set out in the Prime Minister’s plan for change.
Nick Timothy (West Suffolk) (Con)
The issue here is spending. Will the Chief Secretary confirm that the Labour manifesto said that a Labour Government would increase spending by £9.5 billion a year, and the Treasury Red Book is increasing that to £76 billion? Is that not the issue?
Fiscal Rules
Debate between Darren Jones and Nick Timothy(2 months, 2 weeks ago)
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Darren Jones
I welcome my hon. Friend’s question. [Interruption.] I know that Opposition Members find it uncomfortable, but it is a matter of fact that we will return to time and time again, because the sheer truth of it is that the last Government made promise after promise to the British people, knowing that they did not have the money to pay the bills. It is shameful, and the sooner they come to the House and apologise for their behaviour, the better it might be for them in the long run.
Nick Timothy (West Suffolk) (Con)
If the Minister is so confident in his fiscal rules, will he take this opportunity to commit to the House that the 10-year gilt yield in this Parliament will not exceed the maximum it was over the past 10 years?
Darren Jones
The hon. Gentleman is trying to be clever, but he is inviting me to speculate on the Budget. He will have to wait until Wednesday.